In 2023, North Korea’s Lazarus Group, a highly sophisticated hacking group, emerged as a major player in cybercrime, particularly in cryptocurrency theft. Accused of orchestrating hacks amounting to $600 million, the Democratic People’s Republic of Korea (DPRK) has become a prominent actor in this escalating realm. Since 2017, DPRK hackers, operating under the Lazarus group, have reportedly stolen around $3 billion worth of cryptocurrency.
CertiK’s research highlights the evolving methods employed by DPRK for money laundering, as they continually adapt to evade international law enforcement pressure. Typically, DPRK hackers compromise users’ private keys or seed phrases to facilitate unauthorized transfers of funds to DPRK-controlled wallets. The stolen assets are often converted to Tether, making it more challenging to track and recover the funds.
Despite efforts by the United States, South Korea, and Japan to address cyber threats and cryptocurrency abuses, DPRK was responsible for almost one-third of all funds stolen in crypto attacks in 2023. However, there was a 30% reduction in the amount stolen compared to the previous year. Hacks attributed to DPRK are ten times more damaging on average than those not linked to North Korea, resulting in a cumulative loss of nearly $3 billion since 2017.
The ever-evolving money laundering methods employed by DPRK require continuous vigilance and innovation from businesses and governments. As the US imposed sanctions and enforcement actions on Tornado Cash and ChipMixer, DPRK quickly adapted by using another mixer called Sinbad. This showcases the adaptability and resilience of North Korea’s cyber operations.
Despite advancements in cybersecurity and increased international collaboration in tracking and recovering stolen funds, it is predicted that DPRK will continue to pose a significant cyber threat in 2024. The world may witness further disruptions from this prolific cyber threat on the global stage.
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | Asia |
| Countries | 🇺🇸 🇯🇵 |
| Sentiment | neutral |
| Relevance Score | 1 |
| People | None |
| Companies | CertiK, South Korea, Japan, Lazarus group, United States |
| Currencies | Tether |
| Securities | None |
